Products May 29, 2020

John Hancock Retirement Unveils Two Digital Tools

They are designed to help financial professionals better serve clients in the current digital environment in light of COVID-19.

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John Hancock Retirement has launched two digital tools, the Onboarding Resource Center (ORC) and Plan Manager, to help financial professionals better serve clients in the current digital environment in light of COVID-19. These tools can be found on John Hancock Retirement’s new financial professional resources webpage.

“As the world continues to blaze a path into the digital space and clients’ businesses are disrupted now more than ever as a result of COVID-19, we understand the value of a systemized approach to plan management and, further, the importance of an efficient and adaptable plan adviser,” says Gary Tankersley, national sale sales manager at John Hancock Retirement.

ORC enables advisers to onboard participants and supply them with enrollment materials. Curated, ready-to-use materials include demos, webinar recordings, meeting invitations, participant education flyers and presentations that can be given virtually or in person.

The redesigned Plan Manager digital tool offers simplified plan management that automates the process of servicing and optimizing each client’s 401(k) plan.

“We’re excited to expand our offering of digital tools to support advisers in developing reliable plan management systems to help them build efficiency as their practice grows, even as clients, and the advisers themselves, face unprecedented challenges,” Tankersley says.

 

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Compliance May 28, 2020

Arizona Is Latest State to Approach New Annuity Regulations

The state is following in the footsteps of Iowa, which earlier this month adopted a regulation to require annuity agents to act in the best interest of their customers.

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The Arizona House of Representatives has approved a bill to establish a new regulation governing annuity sales that requires financial professionals to act in the best interests of the consumer.

Arizona Governor Doug Ducey now must approve the legislation, which passed the Arizona House by a margin of 36 to 24. With this move, Arizona is following in the footsteps of Iowa, which earlier this month adopted a regulation to require annuity agents to act in the best interest of their customers. Both pieces of regulation are based on a model best-interest framework adopted in November by the National Association of Insurance Commissioners (NAIC).

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The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, Washington, D.C., and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews and coordinate their regulatory oversight.

The Arizona legislature’s passage of the regulation was immediately hailed by the Insured Retirement Institute (IRI), which has advocated for nationwide adoption of the NAIC framework.

“This is another victory for consumer protection and choice,” says Jason Berkowitz, IRI chief legal and regulatory affairs officer. “The bill requires insurance producers to act in the best interest of their clients when making annuity recommendations. IRI is grateful to the legislation’s prime sponsor, Representative David Livingston (R-22nd District), for leading the effort.”

IRI supports the NAIC framework primarily because it closely aligns with the U.S. Securities and Exchange Commission (SEC)’s Regulation Best Interest (Reg BI), which takes effect on June 30. Included in the Arizona legislation is language to provide a safe harbor for all insurance producers who are subject to, and comply with, equivalent or greater standards such as Regulation Best Interest or the Investment Advisers Act.

“The alignment of federal and state regulation mitigates against conflicting rules for financial professionals who provide important advice and products to consumers,” Berkowitz says. “Arizona’s new regulation, like the NAIC model and Reg BI, preserves consumers’ choice of the financial professional and products that best meets their needs.”

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